<?xml version="1.0" encoding="UTF-8"?>
<rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom">
  <channel>
    <title>98 Advisors — Insights</title>
    <link>https://98advisors.com/blog</link>
    <description>Strategic perspectives on M&amp;A, capital structure, and business transitions for founders and business owners.</description>
    <language>en-us</language>
    <lastBuildDate>Wed, 15 Apr 2026 22:40:51 GMT</lastBuildDate>
    <atom:link href="https://98advisors.com/feed.xml" rel="self" type="application/rss+xml"/>
    
    <item>
      <title><![CDATA[Post-Closing Obligations: What Founders Should Expect After Selling]]></title>
      <link>https://98advisors.com/blog/post-closing-obligations-what-founders-should-expect</link>
      <guid isPermaLink="true">https://98advisors.com/blog/post-closing-obligations-what-founders-should-expect</guid>
      <description><![CDATA[The closing is not the end of the transaction. Founders who understand post-closing obligations avoid surprises and protect the value they negotiated.]]></description>
      <pubDate>Wed, 08 Apr 2026 00:00:00 GMT</pubDate>
      <category>M&A Process</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Succession Planning Is Not Exit Planning — And You Need Both]]></title>
      <link>https://98advisors.com/blog/succession-planning-is-not-exit-planning</link>
      <guid isPermaLink="true">https://98advisors.com/blog/succession-planning-is-not-exit-planning</guid>
      <description><![CDATA[Founders often conflate succession planning with exit planning. They are distinct disciplines, and neglecting either one creates risk in a transaction.]]></description>
      <pubDate>Tue, 07 Apr 2026 00:00:00 GMT</pubDate>
      <category>Strategic Advisory</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[The Letter of Intent: What Founders Must Negotiate Before Signing]]></title>
      <link>https://98advisors.com/blog/letter-of-intent-what-founders-must-negotiate</link>
      <guid isPermaLink="true">https://98advisors.com/blog/letter-of-intent-what-founders-must-negotiate</guid>
      <description><![CDATA[The LOI sets the terms that govern the rest of the deal. Founders who treat it as a formality often pay a steep price in the definitive agreement.]]></description>
      <pubDate>Sun, 05 Apr 2026 00:00:00 GMT</pubDate>
      <category>M&A Process</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Management Presentations That Win Deals]]></title>
      <link>https://98advisors.com/blog/management-presentations-that-win-deals</link>
      <guid isPermaLink="true">https://98advisors.com/blog/management-presentations-that-win-deals</guid>
      <description><![CDATA[The management presentation is often the decisive moment in a sale process. Founders who prepare effectively convert buyer interest into competitive offers.]]></description>
      <pubDate>Fri, 03 Apr 2026 00:00:00 GMT</pubDate>
      <category>M&A Process</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[How Private Equity Recapitalizations Work for Founder-Owned Businesses]]></title>
      <link>https://98advisors.com/blog/how-private-equity-recapitalizations-work</link>
      <guid isPermaLink="true">https://98advisors.com/blog/how-private-equity-recapitalizations-work</guid>
      <description><![CDATA[A recapitalization allows founders to take significant liquidity off the table while retaining meaningful equity and continuing to lead the business. Here is how it works.]]></description>
      <pubDate>Wed, 01 Apr 2026 00:00:00 GMT</pubDate>
      <category>Capital Advisory</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Why Your Business Broker May Not Be Enough for a Complex Transaction]]></title>
      <link>https://98advisors.com/blog/why-your-business-broker-isnt-enough</link>
      <guid isPermaLink="true">https://98advisors.com/blog/why-your-business-broker-isnt-enough</guid>
      <description><![CDATA[Business brokers serve an important role, but founder-led businesses in the lower middle market often require a different kind of advisory — here is why.]]></description>
      <pubDate>Mon, 30 Mar 2026 00:00:00 GMT</pubDate>
      <category>Sell-Side Advisory</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Employee Retention During an M&A Transaction: What Founders Must Plan For]]></title>
      <link>https://98advisors.com/blog/employee-retention-during-ma</link>
      <guid isPermaLink="true">https://98advisors.com/blog/employee-retention-during-ma</guid>
      <description><![CDATA[Losing key employees during a sale process is one of the most common — and preventable — risks founders face. Proactive retention planning protects the deal.]]></description>
      <pubDate>Sat, 28 Mar 2026 00:00:00 GMT</pubDate>
      <category>M&A Process</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Tax Planning Before Selling Your Business: What Founders Miss]]></title>
      <link>https://98advisors.com/blog/tax-planning-before-selling-your-business</link>
      <guid isPermaLink="true">https://98advisors.com/blog/tax-planning-before-selling-your-business</guid>
      <description><![CDATA[The after-tax proceeds of a sale often differ dramatically from the headline price. Proactive tax planning can preserve millions in value that would otherwise be lost.]]></description>
      <pubDate>Thu, 26 Mar 2026 00:00:00 GMT</pubDate>
      <category>Financial Readiness</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Representations and Warranties Insurance: How It Protects Founders in M&A]]></title>
      <link>https://98advisors.com/blog/representations-and-warranties-insurance</link>
      <guid isPermaLink="true">https://98advisors.com/blog/representations-and-warranties-insurance</guid>
      <description><![CDATA[R&W insurance has transformed how risk is allocated in lower middle market transactions. Founders who understand it negotiate from a stronger position.]]></description>
      <pubDate>Thu, 26 Mar 2026 00:00:00 GMT</pubDate>
      <category>M&A Process</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[The Role of Legal Counsel in M&A Transactions]]></title>
      <link>https://98advisors.com/blog/the-role-of-legal-counsel-in-ma-transactions</link>
      <guid isPermaLink="true">https://98advisors.com/blog/the-role-of-legal-counsel-in-ma-transactions</guid>
      <description><![CDATA[Your attorney is not just reviewing documents — they are protecting your future. Understanding how to work with M&A counsel effectively is essential for founders.]]></description>
      <pubDate>Wed, 25 Mar 2026 00:00:00 GMT</pubDate>
      <category>M&A Process</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Knowing When to Walk Away from a Deal]]></title>
      <link>https://98advisors.com/blog/when-to-walk-away-from-a-deal</link>
      <guid isPermaLink="true">https://98advisors.com/blog/when-to-walk-away-from-a-deal</guid>
      <description><![CDATA[Not every transaction should close. Understanding when to walk away — and having the discipline to do it — is one of the most important decisions a founder can make.]]></description>
      <pubDate>Tue, 24 Mar 2026 00:00:00 GMT</pubDate>
      <category>Strategic Advisory</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Working Capital Adjustments: The Most Misunderstood Part of M&A]]></title>
      <link>https://98advisors.com/blog/working-capital-adjustments-in-ma-transactions</link>
      <guid isPermaLink="true">https://98advisors.com/blog/working-capital-adjustments-in-ma-transactions</guid>
      <description><![CDATA[Working capital adjustments are one of the most common sources of post-close disputes. Understanding the mechanics early can prevent costly surprises.]]></description>
      <pubDate>Mon, 23 Mar 2026 00:00:00 GMT</pubDate>
      <category>Financial Readiness</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Founder Transition Planning: Before, During, and After a Sale]]></title>
      <link>https://98advisors.com/blog/founder-transition-planning-before-during-after</link>
      <guid isPermaLink="true">https://98advisors.com/blog/founder-transition-planning-before-during-after</guid>
      <description><![CDATA[The most overlooked element of any transaction is the founder's own transition. Planning for life after the close is not a luxury — it is a strategic necessity.]]></description>
      <pubDate>Sun, 22 Mar 2026 00:00:00 GMT</pubDate>
      <category>Strategic Advisory</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Industry-Specific Buyers and How to Find Them]]></title>
      <link>https://98advisors.com/blog/industry-specific-buyers-and-how-to-find-them</link>
      <guid isPermaLink="true">https://98advisors.com/blog/industry-specific-buyers-and-how-to-find-them</guid>
      <description><![CDATA[The right buyer for your business is rarely the most obvious one. A disciplined, targeted search uncovers strategic acquirers that a broad marketing effort would miss.]]></description>
      <pubDate>Sun, 22 Mar 2026 00:00:00 GMT</pubDate>
      <category>Sell-Side Advisory</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[The Data Room as a Strategic Asset in M&A]]></title>
      <link>https://98advisors.com/blog/the-data-room-as-a-strategic-asset</link>
      <guid isPermaLink="true">https://98advisors.com/blog/the-data-room-as-a-strategic-asset</guid>
      <description><![CDATA[A well-organized data room does more than satisfy due diligence requests — it signals operational maturity and builds buyer confidence from day one.]]></description>
      <pubDate>Sat, 21 Mar 2026 00:00:00 GMT</pubDate>
      <category>Acquisition Readiness</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[How Founders Should Think About Valuation Multiples]]></title>
      <link>https://98advisors.com/blog/how-to-think-about-valuation-multiples</link>
      <guid isPermaLink="true">https://98advisors.com/blog/how-to-think-about-valuation-multiples</guid>
      <description><![CDATA[Valuation multiples are a starting point for pricing conversations — not the final word. Understanding what drives multiples helps founders set realistic expectations.]]></description>
      <pubDate>Fri, 20 Mar 2026 00:00:00 GMT</pubDate>
      <category>Financial Readiness</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Recurring Revenue and Its Impact on Business Valuation]]></title>
      <link>https://98advisors.com/blog/recurring-revenue-and-its-impact-on-valuation</link>
      <guid isPermaLink="true">https://98advisors.com/blog/recurring-revenue-and-its-impact-on-valuation</guid>
      <description><![CDATA[Recurring revenue is one of the most powerful drivers of valuation in the lower middle market. Founders who build and demonstrate revenue durability command premium multiples.]]></description>
      <pubDate>Fri, 20 Mar 2026 00:00:00 GMT</pubDate>
      <category>Financial Readiness</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Customer Concentration: The Silent Deal Killer]]></title>
      <link>https://98advisors.com/blog/customer-concentration-risk-in-ma</link>
      <guid isPermaLink="true">https://98advisors.com/blog/customer-concentration-risk-in-ma</guid>
      <description><![CDATA[Few issues derail more lower middle market transactions than customer concentration. Understanding how buyers view this risk — and how to mitigate it — is essential.]]></description>
      <pubDate>Thu, 19 Mar 2026 00:00:00 GMT</pubDate>
      <category>Acquisition Readiness</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Earnouts and Seller Notes: What Founders Need to Understand]]></title>
      <link>https://98advisors.com/blog/earnouts-and-seller-notes-explained</link>
      <guid isPermaLink="true">https://98advisors.com/blog/earnouts-and-seller-notes-explained</guid>
      <description><![CDATA[Not all deal value is created equal. Understanding the mechanics and risks of earnouts and seller notes helps founders negotiate more effectively.]]></description>
      <pubDate>Wed, 18 Mar 2026 00:00:00 GMT</pubDate>
      <category>M&A Process</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Building a Quality of Earnings Narrative Before Buyers Do It for You]]></title>
      <link>https://98advisors.com/blog/building-a-quality-of-earnings-narrative</link>
      <guid isPermaLink="true">https://98advisors.com/blog/building-a-quality-of-earnings-narrative</guid>
      <description><![CDATA[A quality of earnings analysis is one of the most influential documents in any deal. Proactively shaping that narrative gives founders a meaningful advantage.]]></description>
      <pubDate>Tue, 17 Mar 2026 00:00:00 GMT</pubDate>
      <category>Financial Readiness</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Why Timing Matters More Than Most Founders Realize]]></title>
      <link>https://98advisors.com/blog/why-timing-matters-in-a-sale-process</link>
      <guid isPermaLink="true">https://98advisors.com/blog/why-timing-matters-in-a-sale-process</guid>
      <description><![CDATA[The decision to sell a business is deeply personal — but the timing of that decision has outsized financial consequences. Understanding the dynamics of market timing can protect value.]]></description>
      <pubDate>Mon, 16 Mar 2026 00:00:00 GMT</pubDate>
      <category>Strategic Advisory</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[The Difference Between Strategic and Financial Buyers]]></title>
      <link>https://98advisors.com/blog/the-difference-between-strategic-and-financial-buyers</link>
      <guid isPermaLink="true">https://98advisors.com/blog/the-difference-between-strategic-and-financial-buyers</guid>
      <description><![CDATA[Strategic buyers and financial buyers approach acquisitions with fundamentally different objectives. Understanding the distinction helps founders evaluate offers more effectively.]]></description>
      <pubDate>Sun, 15 Mar 2026 00:00:00 GMT</pubDate>
      <category>M&A Process</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[What Buyers Actually Look for in Lower Middle Market Deals]]></title>
      <link>https://98advisors.com/blog/what-buyers-actually-look-for-in-lower-middle-market-deals</link>
      <guid isPermaLink="true">https://98advisors.com/blog/what-buyers-actually-look-for-in-lower-middle-market-deals</guid>
      <description><![CDATA[Understanding how buyers evaluate businesses in the lower middle market helps founders position their companies more effectively — and avoid common pitfalls that erode value.]]></description>
      <pubDate>Sat, 14 Mar 2026 00:00:00 GMT</pubDate>
      <category>Sell-Side Advisory</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Preparing Your Management Team for Due Diligence]]></title>
      <link>https://98advisors.com/blog/preparing-your-management-team-for-due-diligence</link>
      <guid isPermaLink="true">https://98advisors.com/blog/preparing-your-management-team-for-due-diligence</guid>
      <description><![CDATA[Due diligence doesn't just scrutinize your financials — it scrutinizes your people. How you prepare your management team can meaningfully impact deal outcomes.]]></description>
      <pubDate>Fri, 13 Mar 2026 00:00:00 GMT</pubDate>
      <category>M&A Process</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Five Signs Your Business Is Ready for an Acquisition]]></title>
      <link>https://98advisors.com/blog/five-signs-your-business-is-ready-for-acquisition</link>
      <guid isPermaLink="true">https://98advisors.com/blog/five-signs-your-business-is-ready-for-acquisition</guid>
      <description><![CDATA[Knowing when your business is truly ready for a transaction can mean the difference between a strong outcome and a missed opportunity. Here are five indicators that suggest the timing may be right.]]></description>
      <pubDate>Wed, 12 Mar 2025 00:00:00 GMT</pubDate>
      <category>Acquisition Readiness</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[What Founders Should Know Before Starting a Sale Process]]></title>
      <link>https://98advisors.com/blog/what-founders-should-know-before-starting-a-sale-process</link>
      <guid isPermaLink="true">https://98advisors.com/blog/what-founders-should-know-before-starting-a-sale-process</guid>
      <description><![CDATA[A sale process is one of the most consequential things a founder will ever navigate. Understanding what’s involved before you begin can make the difference between a strong outcome and a difficult one.]]></description>
      <pubDate>Tue, 11 Mar 2025 00:00:00 GMT</pubDate>
      <category>Sell-Side Advisory</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[The Role of a Sell-Side Advisor: What to Expect]]></title>
      <link>https://98advisors.com/blog/the-role-of-a-sell-side-advisor</link>
      <guid isPermaLink="true">https://98advisors.com/blog/the-role-of-a-sell-side-advisor</guid>
      <description><![CDATA[Many founders have never worked with a sell-side advisor before. Understanding what an advisor does — and what to look for — is essential before entering a sale process.]]></description>
      <pubDate>Mon, 10 Mar 2025 00:00:00 GMT</pubDate>
      <category>Sell-Side Advisory</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Understanding EBITDA Adjustments and Why They Matter]]></title>
      <link>https://98advisors.com/blog/understanding-ebitda-adjustments-and-why-they-matter</link>
      <guid isPermaLink="true">https://98advisors.com/blog/understanding-ebitda-adjustments-and-why-they-matter</guid>
      <description><![CDATA[EBITDA adjustments can meaningfully change how a buyer values your business. Understanding what’s adjustable, what’s defensible, and what raises red flags is essential for any founder preparing for a transaction.]]></description>
      <pubDate>Sun, 09 Mar 2025 00:00:00 GMT</pubDate>
      <category>Financial Readiness</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Why Confidentiality Matters in M&A Transactions]]></title>
      <link>https://98advisors.com/blog/why-confidentiality-matters-in-ma-transactions</link>
      <guid isPermaLink="true">https://98advisors.com/blog/why-confidentiality-matters-in-ma-transactions</guid>
      <description><![CDATA[Premature disclosure of a sale process can unsettle employees, alarm customers, and weaken your negotiating position. Here’s why confidentiality should be treated as a strategic imperative.]]></description>
      <pubDate>Sat, 08 Mar 2025 00:00:00 GMT</pubDate>
      <category>M&A Process</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Evaluating Inbound Acquisition Interest: A Framework for Founders]]></title>
      <link>https://98advisors.com/blog/evaluating-inbound-acquisition-interest</link>
      <guid isPermaLink="true">https://98advisors.com/blog/evaluating-inbound-acquisition-interest</guid>
      <description><![CDATA[Receiving unsolicited interest in your business can be flattering — and disorienting. Having a clear framework for evaluation helps founders respond strategically rather than reactively.]]></description>
      <pubDate>Fri, 07 Mar 2025 00:00:00 GMT</pubDate>
      <category>Strategic Advisory</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
    <item>
      <title><![CDATA[Capital Structure Decisions: What Founders Need to Consider]]></title>
      <link>https://98advisors.com/blog/capital-structure-decisions-for-founders</link>
      <guid isPermaLink="true">https://98advisors.com/blog/capital-structure-decisions-for-founders</guid>
      <description><![CDATA[How a business is capitalized shapes its future. Understanding the trade-offs between debt, equity, and alternative structures is critical for founders at inflection points.]]></description>
      <pubDate>Thu, 06 Mar 2025 00:00:00 GMT</pubDate>
      <category>Capital Advisory</category>
      <author>Qcosgrave@98advisors.com (Quinn Cosgrave)</author>
    </item>
  </channel>
</rss>